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SINGAPORE: Accused swindler Ng Yu Zhi has been given a fresh charge for entering into an agreement with a man over a bail sum of S$1.5 million (US$1.16 million).<\/p>\n
Ng, 38, allegedly entered into an agreement with Chua Eng Kiam sometime before Jun 28, 2023.<\/p>\n
Under this agreement, Ng indemnified Chua against any liability which he may incur as a bailor for Ng.<\/p>\n
As part of the agreement, Ng allegedly provided Chua the sum of S$1.5 million to secure Ng’s release on bail for a High Court case.<\/p>\n
Chua, a 68-year-old Singaporean man, was charged last week and indicated that he would plead guilty.<\/p>\n
Under the Criminal Procedure Code, any agreement indemnifying or purporting to indemnify any person against liability that person may incur as a bailor is void.<\/p>\n
Ng is currently on trial in the High Court <\/a>for multiple charges, including forgery, handling benefits from criminal conduct, cheating, fraudulent trading and criminal breach of trust.<\/p>\n The businessman, who ran Envy Global Trading and Envy Asset Management, is at the heart of an alleged nickel investment fraud involving almost S$1.5 billion.<\/p>\n The prosecution charged that he attracted hundreds of investors over five years from February 2016 with his companies’ purported physical nickel trading.<\/p>\n Ng then lived lavishly on the proceeds of the fraudulent scheme, alleged the prosecutors, withdrawing at least S$201.2 million from Envy Global Trading to his personal bank accounts and spending it on expensive artwork, property, cars and jewellery.<\/p>\n Over six years, Ng’s companies received a total of S$1.46 billion in investments from 947 investors. Of this, about S$482 million was channelled to Ng’s personal bank accounts.<\/p>\n Ng declined to testify<\/a>. The case was adjourned, with a verdict to be given at a later date.<\/p>\n